First-Time Homebuyers Have a Tough Road Ahead

first_img First-Time Homebuyers Have a Tough Road Ahead  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Aly J. Yale Tagged with: First-Time Homebuyers Mortgage Lending Home / Featured / First-Time Homebuyers Have a Tough Road Ahead Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Tight Inventory Persists Heading into Spring Homebuying Season Next: The Mortgage Collective Expands Offerings to Include Solutions Groupcenter_img Aly J. Yale is a freelance writer and editor based in Fort Worth, Texas. She has worked for various newspapers, magazines, and publications across the nation, including The Dallas Morning News and Addison Magazine. She has also worked with both the Five Star Institute and REO Red Book, as well as various other mortgage industry clients on content strategy, blogging, marketing, and more. First-Time Homebuyers Mortgage Lending 2016-02-23 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe February 23, 2016 1,487 Views Related Articles in Featured, News Share Save Servicers Navigate the Post-Pandemic World 2 days ago If research analysis from BuildZoom is any proof, first-time homebuyers have more problems to face than just dwindling supply and higher demand: Income requirements for mortgage lending are also on the rise.According to a recent blog posted by Issi Romem, chief economist at BuildZoom, the average household income of first-time buyers has seen a huge jump since the housing boom of the early 2000s.Romem used stats from the Annual Social and Economics Supplement of the Current Population Survey—a joint release from the U.S. Census and the Bureau of Labor Statistics—to analyze average household income of first-time homebuyers since 1999. According to his research, in 1999, the first-time buyer income averaged in around $86,000, gradually dropping to under $80,000 in the peak of the housing boom in 2005.“While income in the general population remained fairly stable during the housing boom, first-time buyers’ income dropped significantly,” Romem wrote in his post, “The Rising Income of First-time Home Buyers.” “The ease of borrowing during the boom allowed households that couldn’t previously afford a home to buy one, and the inclusion of such households among first-time buyers reduced the group’s average income.”Income remained low until the bust years later, when it slowly crept up once more. Today, the average first-time buyer income is right at 1999 levels yet again.“Although average household income fell during the Great Recession and has yet to fully recover, first-time buyers’ income substantially increased,” Romem said. “It spiked in 2008 when lending dried up at the peak of the financial crisis and then subsided in 2009 and 2010 when the First-Time Homebuyer Credit was in place, but overall it has risen, and is now back to its level circa 2000.”Though some may think first-time buyer income is on the rise because of widening wage gaps, Romem’s analysis proves this to be untrue.“The average first-time buyer at the peak of the housing boom was drawn from the 56th percentile of the income distribution,” Romem wrote, “whereas now she is drawn from the 59th. In other words, during the boom first-time buyers were able to step into homeownership from lower rungs of the socioeconomic ladder.”First-time homebuyer sales reflect these changing tides, too. According to Romem’s post, 2005 saw an all-time high of 3.2 million first-time buyers. In 2008, after the housing bust began, it dropped to under 2 million – and remains at that point to this day.Though this drop in first-time buying can certainly dampen the housing recovery, Romem said, there are also serious social implications to worry about, too.“The important thing to understand is that fluctuations in the number of first-time buyers go hand in hand with changes in their nature,” Romem said. “When buying a home gets more challenging it is the least financially able who drop out of the race first, and vice versa. Does the persistently low number of first-time buyers mean that homeownership is becoming the privilege of a more select few?”In addition to his recent post on first-time buyer incomes, Romem has also posted two other blogs analyzing first-time homebuyer data: “First-time Buyers Matter for the Housing Market” and “Are First-time Buyers Buying Too Few Homes?”last_img read more

CUNA, Cornerstone get behind 2 Texas ballot measures

first_imgThe 85th regular session of the Texas State Legislature ended on May 29 with two significant outcomes that will be impacted largely by high-level coordination between the Cornerstone Credit Union League and CUNA.Seven constitutional amendments, out of 156 that were proposed, will be voted on as statewide ballot measures on Nov. 7, two of which are specific to credit unions.The amendments represent the first time two constitutional amendments directly relating to credit unions have been on the Texas ballot. In addition to celebrating defeating numerous pieces of legislation that would have proven harmful to credit unions during the 2017 legislative session, we will be celebrating significant legislative victories that provide positive impact for credit unions operating in Texas.Cornerstone and the CUNA will be working together to pursue passage of these ballot measures that are important to credit unions. On Aug. 17, CUNA’s National Advocacy Fund Steering Committee approved funds to support these ballot measures. continue reading » 9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Pineapple Express brings considerable avalanche danger

first_imgAvalanche risk is considerable at the alpine and tree-line level in the West Kootenay backcountry, according to the Canadian Avalanche Centre. Heavy snow falling is expected to overload buried weak interfaces in the snow pack in the backcountry, even in sheltered locations, according to James Floyer of the CAC. Up to 40 centimetres of new snow has fallen in the last 24 hours, but a freezing rain crust was laid down late in the storm as the snow turned to rain and lies on or near the surface. “Approximately 50-60 cm. of storm snow now sits on a buried surface hoar layer that I suspect exists in the alpine in shaded areas, at tree line and below tree line,” he wrote in his report. On southern aspects, this snow lies on an unsupportive sun crust, he said. Around 140 cm. of snow exists at tree line elevations. There are some reports of facets on the rain crust near the ground. Special message The region is still under the influence of a classic “Pineapple Express.” Very dangerous avalanche conditions will develop and persist throughout this storm Weather forecast Wednesday: A weak ridge of high pressure builds bringing dry conditions and cooler temperatures. Thursday: Expect light precipitation and light southwesterly winds. Avalanche activity Recent reports include naturally occurring wind slab avalanches large enough to bury a person and up to 40 cm. deep in open tree line and low alpine terrain. Wind slabs and storm snow weaknesses are susceptible to human triggers with reports of small slope-cuts, “whumpfing,” and shooting cracks. Areas to avoid Slide paths with alpine or treeline start zones during heavy or prolonged periods of snowfall and large wind loaded north aspect slopes. Areas of concern Wind-loaded slopes in alpine and open tree line areas and slopes exposed to terrain traps. Techniques to manage risk Watch for obvious signs of instability such as recent avalanches, whumpfs, shooting cracks or hollow sounding patches of wind slab. Back off onto simple terrain if you observe any of these. Stay well back from large avalanche paths. Regroup only in safe areas well away from avalanche runout zones such as in stands of dense mature forest. Enter your line low or avoid the steepest top part of the slope using ridges and ribs to get below the pillows at the top.last_img read more

Hawks outlast Leafs to grab lead in Murdoch Final

first_imgMitch Foyle and Tyler Hartman scored in the opening frame to give the Hawks an early 2-0 advantage.However, goals by Logan Wullum, on the power play, and Nicholas Wihak 22 seconds apart tied the game for Nelson.Hawks Ryan Terpsma and Wihak, on the power play, exchanged goals in the final minutes of the frame as defence took a holiday in the wide open first period.Tyler Ghirardosi scored the lone goal in the second period for Beaver Valley on a 3-on-1 rush to give the home squad a 4-3 lead after 40 minutes.Beaver Valley out shot the Leafs 27-24 in the game giving the Hawks and netminder Tallon Kramer a fifth-straight playoff win.Devin Allen saw his three-game winning streak stopped in the loss.The series shift back to Nelson Friday and Saturday at the NDCC Arena for Games three and four.Puck drop in Nelson is 7 p.m. A goal by Dylan Heppler two minutes into the third period proved to be the winner powering the Beaver Valley Nitehawks to a 5-4 Kootenay International Junior Hockey League playoff victory over the Nelson Leafs Tuesday night in Game one of the Murdoch Division Final.Game two of the best-of-seven series goes Wednesday in Fruitvale.Heppler took a pass from former Leaf Nolan Percival and Kyle Hope to give the Hawks a 5-3 lead.Sawyer Hunt scored with 12 seconds remaining in the game to cut the lead to a goal but that would be a close as Nelson would get.last_img read more

CMA CGM Seatrade to Restructure VSA

first_imgzoom French container shipping giant CMA CGM Group and specialised reefer transporter Seatrade Group have decided to restructure the vessel sharing agreement (VSA) reached earlier this year.Under the VSA, unveiled in July 2017, the companies intended to link Northern Europe, the East Coast of the United States, Central America, the Pacific Islands, Australia, New Zealand, Peru and the Caribbean on a weekly basis. The deal was to incorporate the services known by CMA CGM as PAD and by Seatrade as Meridian.The VSA “will not proceed in its intended form,” Seatrade said, adding that the company has in recent months evaluated its global strategic options considering current market conditions, including the future involvement in the Meridian service.The revised service will be upgraded to a weekly service as from January 2018, and will among other vessels utilize Seatrade’s fully cellular and geared 2,200 TEU Colour Class specialized container vessels, combined with container equipment currently controlled by Seatrade.“Seatrade is pleased to have reached this agreement with CMA CGM securing continuation, schedule reliability and highest possible service level for Seatrade’s major customers in the trade,” the company said.The parties earlier informed that the service, which is set to improve the supply of transport between Australia and the United States, would feature 13 ships with a nominal capacity between 2,200 and 2,500 TEUs.last_img read more

Tories accuse Morneau of hypocrisy on budgets gender equality measures

first_imgOTTAWA – Conservative deputy leader Lisa Raitt is accusing Finance Minister Bill Morneau of hypocrisy when it comes to budget measures aimed at boosting the equality of women and their participation in the workforce.The accusation prompted a tense exchange Monday during an appearance by the minister before the House of Commons finance committee, in which Morneau indirectly referred to the Conservatives as Neanderthals.Raitt opened Opposition questioning of the minister by noting that February’s budget mentions the word “gender” 358 times in 368 pages. She argued that the sincerity of the government’s commitment to equality should be judged by Morneau’s track record, both in his past role as head human resources giant Morneau Shepell and in his current position as minister.During his time at Morneau Shepell, Raitt said only three of nine positions on the board were held by women, only three of 11 senior managers were women and the company’s governing charter made “no mention of diversity, inclusion, gender.”And in the company’s annual reports dating back to 2011, “never once” was not hiring women mentioned as a risk.Moreover, Raitt said only four out of 11 senior bureaucrats at Finance Canada are women. And in Morneau’s own office, she said there’s only one woman among six senior staff.“Aren’t you just buying votes, minister? Isn’t that what this whole budget is about?” Raitt demanded.“It’s a cynical political gesture … because you do not at all emulate or try to foster any of the things that you’re talking about in the budget, either in your past corporate life, within your own department or even in your own ministerial staff. Isn’t this just a way to get a woman’s vote? Isn’t that what this is all about?”Morneau seemed taken aback by Raitt’s line of questioning.“I actually find your line of questioning to be offensive,” he said, adding that he and the government “absolutely believe” that promoting women into positions of leadership is a key to a successful economy.“We will drag along the Neanderthals who don’t agree with that and that will be our continuing approach,” he added, in apparent reference to Conservatives.“I’m not a Neanderthal,” retorted Raitt.Morneau’s latest budget included a new parental leave benefit aimed at encouraging men to take a greater role in caring for newborns and allowing women to return to the workforce sooner. It also included a promise of pay equity legislation for women in federally regulated sectors and billions in funding to boost the participation of women in trades and agriculture, help finance women entrepreneurs and power the government’s feminist international aid policy.The budget also earmarked funding for women’s groups, promoting gender equality and combating gender-based violence, as well as money to boost the participation of women and girls in sports and to set up a unit devoted to gender, diversity and inclusion within Statistics Canada.Liberal MP Jennifer O’Connell came to Morneau’s defence, pointing to the Conservatives’ own hypocrisy on gender equality. She pointed out that there are no female Tory members of the finance committee — Raitt was sitting in on Monday’s meeting but is not a member — and only eight women in the party’s current shadow cabinet.Moreover, at best, she said women made up less than one third of former prime minister Stephen Harper’s cabinet, whereas half of Justin Trudeau’s ministers are women.She also went after the Conservatives for appearing to suggest the measures in the budget aimed at women are purely political gestures with no economic impact.“Is parental leave enhancement so that women can get back to the workforce buying votes for women?” O’Connell asked.“What about the funding and the carve outs for supporting women entrepreneurs? Is that buying votes? … We can all go back to the dark ages of the Harper Conservatives, but that hasn’t helped women.”Morneau said one third of the economic growth experienced by Canada over the past 40 years has been generated by women entering the workforce. But he said there’s still room to do more, getting women’s workforce participation rate, currently 61 per cent, closer to that of men at 70 per cent.With Canada facing “significant demographic challenges” as the baby boomers reach retirement age, Morneau said it’s particularly important to ensure that all Canadians who want to work are able to achieve their full potential.last_img read more

Edmonton culinary landscape transformed by introducing Indigenous cuisine